Crypto:
30349
Bitcoin:
$64.256
% 0.42
BTC Dominance:
%54.0
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.256
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Binance to Introduce Japanese Yen Spot Trading Pairs for BNB, BTC, ETH Worldwide

Binance

In a recent announcement, cryptocurrency exchange Binance revealed its plans to launch spot trading pairs with the Japanese yen (JPY) for BNB, BTC, and ETH on its global platform and Japanese trading arm, starting from March 12.

Binance stated that it will kick off a one-month zero-fee promotion for the new yen-crypto pairs upon their introduction.

This move signals Binance‘s efforts to strengthen its presence in Japan, particularly after establishing a local trading division in August, marking its re-entry into the market after 2021. Notably, Binance‘s global platform ceased operations for Japanese residents in December, as indicated on its website.

Moreover, Binance has been actively expanding its footprint in Japan, including forming a partnership with Mitsubishi UFJ Trust and Banking Corporation (MUTB) to explore fiat-based stablecoins. The aim is to launch yen and other fiat-based tokens by the end of 2024. Binance Japan has ambitious plans to list 100 tokens, and with the addition of the three new trading pairs, the exchange’s platform will offer 50 tokens in total.

Japan has been making regulatory amendments to support its local crypto industry. In December, the Japanese cabinet approved changes to the tax regime, exempting companies from taxes on unrealized crypto gains. Additionally, last month, the country’s cabinet greenlit a proposal enabling venture capital firms to invest directly in crypto startups.


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